OK so the governor is working.
Starting to think you may have the cam timed wrong.
I put a run of masking tape around the flywheel and mark TDC using the side of the coil , then rotate the engine marking the opening & closing points of each valve.
This saves me splitting a case that did not need to be done to check the cam
Alos double check the flywheel key has not broken & the engine is electrically out of time.